Reliance Industries Limited engages in hydrocarbon exploration and production, oil and chemicals, textile, retail, digital, material and composites, renewables, and financial services businesses worldwide. The company produces and markets petroleum products, such as liquefied petroleum gas, propylene, naphtha, gasoline, jet/aviation turbine fuel, kerosene oil, diesel, Sulphur, and petroleum coke. It also provides petrochemicals, including high-density and low-density polyethylene (PE), linear low density PE, polyester fibers and yarns, polypropylene, polyvinyl chloride, purified terephthalic acid, ethylene glycols and oxide, paraxylene, ortho xylene, benzene, linear alkyl benzene and paraffin, poly butadiene rubber, styrene butadiene rubber, butyl rubber, and polyethylene terephthalate. In addition, the company manufactures and markets yarns, fabrics, apparel, and auto furnishings; explores, develops, and produces crude oil and natural gas; and operates various stores comprising neighborhood, supermarket, hypermarket, wholesale cash and carry, specialty, online stores, as well as stores that offer apparel, beauty and cosmetics, accessories, footwear, consumer electronics, connectivity products, and others. Further, the company provides range of digital services under the Jio brand name; and non-banking financial and insurance broking services. Additionally, it operates news and entertainment platforms, and Network18 and television channels; publishes magazines; and offers highway hospitality and fleet management services. Reliance Industries Limited was incorporated in 1973 and is based in Mumbai, India.

BUILD UP FREE CASH	2023-03-31 (A)	2024-03-31 (A)	2025-03-31 (A)	2026-03-31 (E)	2027-03-31 (E)	2028-03-31 (E)	2029-03-31 (E)	2030-03-31 (E)
Revenue	8,778,350	9,010,640	9,646,930	4,885,991.5	4,796,000	4,862,500	4,862,500	4,862,500
Revenue % Chg.	26.1%	2.6%	7.1%
EBIT	1,024,780	1,117,750	1,122,730	436,050.5	391,000	383,000	383,000	383,000
EBIT Margin	11.7%	12.4%	11.6%
Tax Rate	21.7%	24.5%	23.7%
NOPAT	802,752.2	843,380.4	856,851.8	352,764.9	297,160	291,080	291,080	291,080
NOPAT Margin	9.1%	9.4%	8.9%	7.2%	6.2%	6%	6%	6%
D&A	403,030	508,320	531,360	190,906.5	199,500	209,000	209,000	209,000
D&A / Revenue	4.6%	5.6%	5.5%
Capex	-1,409,880	-1,528,830	-1,399,670	-453,000	-414,500	-419,000	-419,000	-419,000
Capex / Revenue	-16.1%	-17%	-14.5%
Chg. NWC	-196,340	63,660	237,240	15,131.7	14,853	15,059	15,059	15,059
Chg. NWC / Revenue	-2.2%	0.7%	2.5%
Unlevered FCF (UFCF)	-400,437.8	-113,469.6	225,781.8	105,803.1	97,013	96,139	96,139	96,139
UFCF % Chg.	530.3%	-71.7%	-299%	-53.1%	-8.3%	-0.9%	—	—
PV of UFCF	—	—	—	95,433.7	78,929.1	70,552.2	63,637.6	57,400.8
Sum of PV of UFCF	—	—	—	95,433.7	174,362.9	244,915	308,552.7	365,953.5

Cost of Debt
Tax Rate
After Tax Cost of Debt	4.7%
Risk Free Rate
Market Risk Premium
Beta	1
Cost of Equity	12%
Total Debt	3,695,750
Market Cap	20,780,465
Total Capital	24,476,215
Debt Weighting	15.1%
Equity Weighting	84.9%
WACC	10.9%

Exit Multiple EV/FCF
Terminal Value	24,022,155
PV of Terminal Value	12,937,013.1
Cumulative PV of UFCF	365,953.5
Net Debt	1,507,220
Equity Value	11,795,746.5
Shares Outstanding	13,532.5
Implied Share Price	871.7
Current Share Price	1,540.6
Implied Upside / (Downside)	-43.4%